RaveDAO Responds to Price Manipulation Allegations: Denies Influencing Price Action, Plans to Gradually Sell Tokens in the Future

BlockBeats News, April 19th, RaveDAO responded to recent market concerns regarding the RAVE price volatility, denying team involvement or manipulation of the token price. The team stated that the rumors are unfounded and emphasized their commitment to continuing the project's development.

RaveDAO stated that the team is currently focused on long-term growth and plans to strengthen alignment with the community through mechanism design, including exploring a token locking model based on price or performance triggers.

However, the team also disclosed that they will sell a portion of the unlocked tokens at the appropriate time based on the Token Release Schedule (TRS) to cover operating expenses, global recruitment, marketing, and strategic acquisitions. This statement indicates an expectation of ongoing selling pressure from the project side.

Furthermore, RaveDAO mentioned that they will continue to allocate a portion of the profits to charity, with a current commitment to donate 20% of event profits and some future operational profits to charitable causes. The core goal of the project, as emphasized by the team, is to build an on-chain entertainment and music ecosystem, drive Web3 user growth, rather than focusing on short-term price performance.